The tenant is the surviving entity of the Patterson Energy Inc. and UTI Energy Corp. merger in May 2001. It is North America's second-largest operator of land-based oil and gas drilling rigs.
Bridgewood I is a four-story, 135,777-sf office building along the North Belt near Bush Intercontinental Airport. The 22-year-old building is 89% occupied with an advertised leasing rate of $15 per sf annually. Bridgewood is part of the 5.2 million-sf, 50-building Koll Bren Schreiber Realty Advisors Houston portfolio.
Michelle Wogan of the Houston office of CB Richard Ellis represented the tenant in the negotiations. Wanda Wilson and Marci Phillips, both of Houston's PM Realty Group brokered on the building owner's behalf.
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